Algert Global LLC Invests $398,000 in Snowflake Inc. $SNOW

Key Points

• Algert Global LLC made a new investment in Snowflake Inc., purchasing 2,722 shares worth approximately $398,000 during the first quarter.
• Insiders have sold a total of 2,916,826 shares of Snowflake in the last three months, which amounts to over $637 million in value.
• Snowflake's average analyst rating is "Moderate Buy," with a consensus target price of $230.22 following multiple brokerage upgrades.

Algert Global LLC bought a new position in Snowflake Inc. (NYSE:SNOW - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 2,722 shares of the company's stock, valued at approximately $398,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its stake in Snowflake by 22.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,587,114 shares of the company's stock worth $524,293,000 after purchasing an additional 650,775 shares during the period. CenterBook Partners LP acquired a new position in shares of Snowflake during the 1st quarter worth about $2,381,000. Lyell Wealth Management LP boosted its stake in shares of Snowflake by 5.1% during the 1st quarter. Lyell Wealth Management LP now owns 60,685 shares of the company's stock worth $8,870,000 after buying an additional 2,955 shares during the last quarter. ORG Wealth Partners LLC acquired a new position in shares of Snowflake during the 1st quarter worth about $898,000. Finally, SBI Securities Co. Ltd. boosted its stake in shares of Snowflake by 9.4% during the 1st quarter. SBI Securities Co. Ltd. now owns 60,591 shares of the company's stock worth $8,856,000 after buying an additional 5,197 shares during the last quarter. 65.10% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Snowflake news, Director Michael L. Speiser sold 50,338 shares of the stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $211.35, for a total value of $10,638,936.30. Following the transaction, the director directly owned 37,796 shares of the company's stock, valued at $7,988,184.60. This represents a 57.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frank Slootman sold 424,852 shares of the stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $219.35, for a total transaction of $93,191,286.20. Following the completion of the transaction, the director directly owned 165,507 shares in the company, valued at approximately $36,303,960.45. This represents a 71.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,516,826 shares of company stock worth $555,691,052. Insiders own 6.80% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on SNOW. Scotiabank increased their price objective on shares of Snowflake from $230.00 to $280.00 and gave the stock an "outperform" rating in a research note on Thursday. CICC Research began coverage on shares of Snowflake in a research note on Friday, June 20th. They set an "outperform" rating and a $225.00 price objective for the company. Wells Fargo & Company increased their price objective on shares of Snowflake from $250.00 to $275.00 and gave the stock an "overweight" rating in a research note on Thursday. Monness Crespi & Hardt increased their price objective on shares of Snowflake from $245.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, UBS Group increased their price objective on shares of Snowflake from $250.00 to $285.00 and gave the stock a "buy" rating in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Snowflake presently has an average rating of "Moderate Buy" and an average price target of $255.53.

Snowflake Stock Performance

Snowflake stock traded down $4.75 during trading hours on Friday, hitting $236.25. The company had a trading volume of 8,551,516 shares, compared to its average volume of 5,317,288. The firm has a market cap of $78.87 billion, a PE ratio of -56.98 and a beta of 1.22. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. Snowflake Inc. has a one year low of $107.13 and a one year high of $249.99. The firm has a 50-day moving average of $210.88 and a 200 day moving average of $185.53.

About Snowflake

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.